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No property tax increases forecast - Gov't

Published:Wednesday | June 22, 2016 | 6:35 PM
Property taxes were last increased in April 2013.

Local Government Minister Desmond McKenzie has given a commitment that there will be no property tax increases.

Last month the government announced an additional $13.5 billion in taxes to plug the gap in the national budget created by the decision to raise the income tax threshold to $1 million annually.

Making his contribution to the Sectoral Debate on Wednesday, McKenzie assured there was no intention to raise property taxes:

 

Minister of local government, Desmond McKenzie

Property taxes were last increased in April 2013.

Properties with an unimproved value of up to $100,000 attract a flat rate of $1,000.

For those in excess of $100,000 and up to $1 million, there is a 1.5 per cent charge while there is a 2 per cent charge for properties with unimproved values over $1 million.

Last year, there were expectations that property taxes would go up after the completion of a land-revaluation exercise carried out by the National Land Agency.